 |
| Business |
|
By Diane Colton of Mobility Tax Congratulations! You are embarking on an amazing journey. You have the idea, product or skill set...that’s the easy part. Now what? You most likely have the vision. Now you need to know what is required to see that vision come to life and how to sustain it. Whether looking at self-employment, operating a small home-based business or looking at an all out business that will enter into the world markets, there are fundamentals that fit into all with varying degrees. Remember “ignorance is NOT bliss” The most important aspect of starting a business is planning and the hardest aspect of starting a business is planning! Before the actual business plan you need to ask yourself some questions: Where do you want to go with the business? Do you want to just earn extra income to pay for some extra luxuries, or are you looking for your business to give you the lifestyle you want? Are you going it alone or are you in partnership with others? Be sure you have a written agreement and all details are spelled out. What do you need to live on while you are growing your business? So how many different hats are there in your business? Most times we wear all the hats for a little while until we can find someone else to take over our collection of responsibilities that creates the businesses success. Do you need to retain a lawyer or accounting professional? It is a good idea to seek out legal advice to ensure you are meeting any and all requirements, and that you have not put yourself in a bad position because of lack of knowledge or expertise in an area. Sitting with an accountant lets you know what you can and cannot write off and how you need to set your business books up. You should also know all your legal obligations for setting up your business as well. Should I incorporate, or not? Do some research; incorporating may not be the best route to take and is a very expensive proposition to maintain (especially if you are only going to be adding a few thousand to your income). There is so much to talk about so next time we will delve into the business plan. To your success! For more advice on starting your business & for tax advice, contact Diane Colton of Mobility Tax at 403.475.3312 or visit www.mobilitytax.ca |
RISING WOMEN EXPERTS...